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Maintain consolidated Sinking Fund, ensure fincial prudence: Governor

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  10 May 2015 12:00 AM GMT

our correspondent

Itagar, May 9: Aruchal Pradesh Chief Minister bam Tuki today apprised Governor Lt Gen (Retd) Nirbhay Sharma of the fincial constraints being faced by the state due to past accumulative liabilities on account of various factors such as idequate allocations in the Thirteenth Fince Commission and non-plan liabilities accrued on account of Sixth Pay Commission recommendation and annual Dearness Allowance and salary increment factors.Tuki informed this during a meeting convened by the governor with him and senior officers to review the fincial position of the state here Friday evening, an official communiqué informed.The chief minister informed that consistent increase in past non-plan revenue expenditure has been cause of concern for the state government. Tuki stated that overdraft has been cleared from May 01, last.The Governor advised the government to ensure that there should not be recurrence of the overdraft leading to stoppage of payments.He emphasized that the state government must put in place mechanism to ensure that “The Aruchal Pradesh Fiscal Responsibility and the Budget Magement Act” is strictly complied with and as mandated under the said Act, the state government must set up review / monitoring system to ensure compliance of the provisions of the Act, the report informed.Sharma reiterated the importance of the process of making the budget document. He has asked the government that the budget document must be realistic and there must not be wide variation between the budget estimates and the actuals.To ensure fincial prudence, he advised the government to maintain effectively the consolidated Sinking Fund account and suggested for creating a Contingency Fund account for catering to the fincial liabilities accrued over a period of time and to cater to the unforeseen expenditure.The state government was also advised that the coming budget document must ensure that the committed liabilities were met on priority involving salaries, wages and pensions and outstanding payments.The Governor also asked the government to ensure that Utilization Certificates of various centrally sponsored Schemes must be furnished timely, the communiqué added.

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